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Financial Planning > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Yearly interest rate

A

APR

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2
Q

Another term for interest and APR

A

finance charge

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3
Q

The money you borrow

A

principal

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4
Q

The date by which you must repay the money you borrow

A

maturity date

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5
Q

The smallest amount due to the lender to keep your credit in good standing

A

minimum payment

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6
Q

A situation in which a court rules that a person is not able to pay his or her bills

A

bankruptcy

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7
Q

Monthly payments

A

Installments

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8
Q

A yearly fee that some companies charge in addition to the interest

A

annual fee

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9
Q

Possessions that a borrower pledges in return for a loan

A

collateral

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10
Q

Record of you paying bills

A

credit history

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11
Q

I don’t give a flying _____

A

finch

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12
Q

Monthly rate

A

periodic rate

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13
Q

An interest rate that changes over time

A

variable rate

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14
Q

Fail to pay your bill on time

A

default

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15
Q

A loan that does not require collateral

A

unsecured loan

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16
Q

A person with good credit rating who signs a loan note along with a borrower

A

cosigner

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17
Q

Spending more than you earn

A

deficit spending

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18
Q

legal responsibility

A

liability

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19
Q

the means by which
people protect themselves financially against losses or liability
incurred as a result of unexpected events.

A

insurance

20
Q

fee for being protected by the insurance

A

premium

21
Q

contract that promises to pay for the losses

A

policy

22
Q

demand for payment in accordance with payment

A

claim

23
Q

amount you must pay before the insurance company pays anything

A

deductible

24
Q

protects car owners from financial loss

A

Automobile insurance

25
Q

this pays for repairing costs for your car if it rolls over or collides with something

A

Collison insurance

26
Q

pays for repairing damage other than collision

A

Comprehensive

27
Q

helps you pay the cost of repairing the damage to other people

A

Liability

28
Q

protects you if your car is damaged by a driver who has no auto insurance

A

Uninsured motorist protection

29
Q

covers the cost of towing your car to a repair shop in an emergency

A

Emergency road service

30
Q

laws that make a person responsible for his or her own damages and injuries

A

No-fault

31
Q

person who sells insurance

A

Insurance agent

32
Q

list of your property and its value

A

Inventory

33
Q

a federal government program, provides health insurance to people who are
aged 65 and older and qualify for Social Security benefi ts, or who are disabled.

A

Medicare

34
Q

provides health insurance for people with low incomes and those in need of public
assistance.

A

Medicaid

35
Q

money paid for each doctor visit or other health service

A

copayments

36
Q

is a plan that provides payment to the insured for the cost of medical care but makes no
arrangement for providing care itself.

A

indemnity plan

37
Q

requires you to consult a primary care physician when you need medical care

A

managed care plan

38
Q

a type of disability
insurance that covers medical expenses and part, or most, of income lost due to injury in the
workplace

A

worker’s compensation

39
Q

provides a way to protect your family and loved ones from financial losses
if you should die

A

Life insurance

40
Q

a person who will receive insurance benefits

A

beneficiary

41
Q

is a policy that you buy to cover a certain period of time

A

Term life insurance

42
Q

provides coverage for your entire lifetime.

A

Whole life insurance

43
Q

is insurance for a specific period that accumulates savings for
policyholders during this period.

A

Universal life insurance

44
Q

when someone uses your personal information without your permission to
commit fraud or other crimes.

A

Identity theft

45
Q

`the creating of a website replica in order
to trick users into submitting personal, financial, or password data online.

A

phishing

Financial Planning (6 decks)

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